any idea what 2011 will bring us rate-wise?
It is tough to say with certainty what interest rates will do in the future. We are truly in a global financial situation where an event may take place here or another country and effect the interest rates in the USA. This is why I recommend a bias toward locking. If you like the interest rate today and the...

just signed loan docs and will get the keys on Thrusday
Enter your answer hereMake sure the car your are purchasing has a low enough payment so it does not impact you being able to make your mortgage payment. I would also recommend waiting 30 days or until after you make your first mortgage payment to complete the car purchase.

are 100% financing options available or realistic?
There are also USDA loans that finance 100% of the sales price and also the funding fee and don't require a monthly mortgage insurance. USDA loans are limited to specific geographic locations and have household income restrictions. Call or e-mail me if you have any questions.kbaltes@1asmc.com,...

Reverse Mortgage Question
The answer comes from Reversemortgage.org: The Home Equity Conversion Mortgage (HECM) is the oldest and most popular reverse mortgage product. Available since 1989, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of...

If you're getting married and buying a house and one of you had previously been foreclosed on is it best to just get the house in one person's name?
Hi Amy,It is unlikely that your fiancee will be able to be on a FHA,VA, or USDA home loan until a minimum of three years pass by since the foreclosure's last activity. If you are financing with a conventional loan, the time period needing to pass is 5 years from the foreclosure.If you want to buy...

Does too much debt effect my FICO also or does it just effect my DTI?
Hi Jeremy,Having too much debt puts a downward pressure on your credit scores. This is especially true if you have a lot of credit accounts utilized near their maximum. As you shed debt--especially revolving debt--your scores increase provided that you are not closing or restricting current credit...

Request advise in combining two mortgages into one
Dear Tovachi, it is going to be an uphill battle to get your home refinanced given the current value and amount owed. My suggestion is to contact the lender directly and tell them you are having trouble making your payment. See if they will consider modifying your mortgage(s). Remember, do not pay groups...

NO SSN
It will be hard to acquire a FHA, USDA, VA, or any Freddie Mac/ Fannie Mae loan without a social security number.

if a borrower has state housing down payment assistance and passes before the determined amount of time to render it paid in full, does the distributee need to pay the recapture fee and balance of assistance?
Your state housing finance agency can answer that question as it probably varies state to state. Find them on the web and make a phone call.

Do you all think the rates have actully hit their bottom and it is upward from here?
Both answers are right on the money! No one can predict interest rates becuase rates are driven by global events. If you like where rates are now and it makes sense to refinance or purchase--go ahead and do so. Rates may start an upward climb and never look back.

Freddie and Fannie. Your opinion?
Freddie and Fannie went into conservatorship in 2008. The federal government still does not directly guarantee the company securities, but it has committed to making up to $100 billion available to Fannie Mae and Freddie Mac in the form of loans and investments. The government has also paved the way...

Foreclosure/Bankruptcy, wondering about purchasing new home.
Hello Charleston SC,I am a SC DE lender and here are the guidelines we go by: A chapter 7 BK needs to be seasoned 2 years to be considered for a new mortgage. If a home was included in the chapter 7 BK, then 3 years must elapse. If the BK is a chapter 13, then 12 months of repayment must be completed before...

Mortgage Debt Relief
Check any company that you are considering using for debt relief on the internet. Google the company's name followed by the word fraud. Read and evaluate the comments for youself. You must fully research any company before you hand over your personal information for something like this. There...

Middle credit FICO score of 709, can I get a good rate for a refinance?
The rate on a 30 year fixed rate-term refinance with your credit score would be 3.875% today. I am licensed in NC and SC. Call me if I can help you.Thanks,Ken BaltesAmerican Security Mortgage

I have a credit score of 560 and am in need of a house. How can I get approved for a mortgage?
It would be tough to buy with a score that low. There is a lot of risk for the lender with a score that low and the government is monitoring mortgage companies on how many defaults they have and to make sure it is not too high. That is why it is unlikely to get a loan where you are credit-wise now.Ken

Where are the lenders in Charlotte nc. I want to purchase a house for $85,000. Please help. Experian - 589 Equifax -538. trans- 55
We need a middle score of 620 for USDA and 640 minimum for FHA on a purchase. I would work on improving your score and doing a FHA loan.Ken

Should I refinance with my husband on the loan?
Pay down your revolving accounts to below half of credit limit and keep them there or lower. In June repull your credit and refinance your home.(I cannot tell if you will have a debt-to-income issue with the information you provided.) It will be better to keep husband off the loan due to his lower score. Put...

USDA loan turn around time?
Our loan file was submitted to USDA yesterday 05/02. Does anyone have any idea on how long it will be until we can expect to hear from them? We are in NC.I am submitting files to the USDA in NC and yesterday they were working on files from 04/23/2012. So they are about 9-10 days behind. The turn time went up a lot...

Want a VA loan, but delayed by robosigning......what to do?
Out here in NC, my firm would look at the date of last activity(actual foreclosure date) and not be able to consider the robosigning time period as part of the two year wait.

USDA Guaranteed loan program
I have not run into "too nice" here in SC and NC-it is more specific. The USDA will finance a home with an above ground pool but not a home with an in-ground pool. Keep in mind that the land value alone cannot exceed 30% of the total purchase price. USDA does look at what is on the land and I've...